Marriott Vacations Worldwide Corp Stock Research

Market Summary

USD126.72-3.19

Market Closed

-2.46%

VAC Alerts

Big jump in Earnings (Y/Y)

VAC Stock Price

VAC RSI Chart

VAC Valuation

Market Cap

5.8B

Price/Earnings (Trailing)

21.79

Price/Sales (Trailing)

1.32

EV/EBITDA

11.85

Price/Free Cashflow

16.31

VAC Price/Sales (Trailing)

VAC Profitability

EBT Margin

2.91%

Return on Equity

15.67%

Return on Assets

4.06%

Free Cashflow Yield

6.13%

VAC Fundamentals

VAC Revenue

Revenue (TTM)

4.7B

Revenue Y/Y

Revenue Q/Q

-5.11%

VAC Earnings

Earnings (TTM)

391.0M

Earnings Y/Y

44.26%

Earnings Q/Q

-19.27%

Price Action

52 Week Range

110.08165.85

(Low)(High)

Last 7 days

-6.3%

Last 30 days

-18.0%

Last 90 days

-5.5%

Trailing 12 Months

-18.5%

VAC Financial Health

VAC Investor Care

Dividend Yield

2.04%

Dividend/Share (TTM)

2.58

Diluted EPS (TTM)

8.77

Peers (Alternatives to Marriott Vacations Worldwide)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
MCD	199.4B	23.2B	1.00%	14.82%	32.28	8.6	-0.17%	-18.13%
SBUX	112.9B	32.9B	-6.14%	14.98%	34.01	3.43	8.41%	-24.41%
RCL	15.5B	8.8B	-14.91%	-20.84%	-7.2	1.76	477.01%	59.02%
CCL	10.5B	12.2B	-16.39%	-50.08%	-1.47	1.09	537.74%	35.87%
MID-CAP
CHDN	9.1B	1.8B	-0.21%	6.21%	20.61	5	13.31%	76.40%
ARMK	8.9B	17.0B	-8.79%	-7.40%	39.44	0.53	27.66%	584.49%
TXRH	7.0B	4.0B	-2.19%	24.58%	25.84	1.74	15.91%	10.00%
VAC	5.8B	4.7B	-18.04%	-18.50%	21.79	1.32	19.69%	697.96%
SMALL-CAP
DIN	1.0B	909.4M	-17.85%	-12.90%	12.79	1.14	1.47%	-17.12%
STKS	245.0M	316.6M	-10.34%	-26.41%	18.1	0.77	14.24%	-56.83%
HOFV	47.6M	16.5M	-17.08%	651.30%	-2.59	2.89	73.03%	84.28%
DS	15.5M	314.9M	-61.11%	-89.12%	-0.34	0.05	15.92%	-283.73%

Financials for Marriott Vacations Worldwide

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	1.9%	4,656	4,568	4,368	4,183	3,890
S&GA Expenses	3.3%	807	781	740	690	617
Costs and Expenses	1.5%	3,872	3,815	3,699	3,612	3,440
EBITDA	-0.2%	425	426	-	-	-
EBITDA Margin	-4.5%	0.10*	0.10*	-	-	-
EBT Margin	-4.2%	0.03*	0.03*	-	-	-
Interest Expenses	-2.0%	149	152	164	161	184
Net Income	7.7%	391	363	264	137	49.00
Net Income Margin	5.7%	0.08*	0.08*	0.06*	0.03*	-
Free Cahsflow	28.4%	457	356	354	483	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	4.4%	9,639	9,237	9,340	9,503	9,613
Cash Equivalents	78.2%	524	294	324	354	342
Goodwill	0%	3,117	3,117	3,117	3,142	3,150
Liabilities	8.0%	7,141	6,609	6,594	6,679	6,627
Shareholder's Equity	-5.0%	2,496	2,626	2,746	2,824	2,976
Retained Earnings	11.3%	593	533	448	338	275
Additional Paid-In Capital	-0.7%	3,941	3,968	3,963	3,945	4,072
Minority Interest	0%	2.00	2.00	1.00	10.00	10.00

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	24.3%	522	420	413	532	343
Share Based Compensation	-18.7%	39.00	48.00	49.00	51.00	51.00
Cashflow From Investing	-30.4%	16.00	23.00	-22.00	-215	-213
Cashflow From Financing	37.5%	-486	-777	-1,461	-844	-317
Dividend Payments	1.0%	99.00	98.00	98.00	72.00	23.00
Buy Backs	16.4%	701	602	390	197	78.00

Risks for VAC

What is the probability of a big loss on VAC?

90.4%

Probability that Marriott Vacations Worldwide stock will be more than 20% underwater in next one year

53.1%

Probability that Marriott Vacations Worldwide stock will be more than 30% underwater in next one year.

38.5%

Probability that Marriott Vacations Worldwide stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does VAC drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Marriott Vacations Worldwide was unfortunately bought at previous high price.

Drawdowns

Returns for VAC

Cumulative Returns on VAC

12.6%

10-Year Cumulative Returns

11.1%

7-Year Cumulative Returns

-0.1%

5-Year Cumulative Returns

35.1%

3-Year Cumulative Returns

What are the long-term rolling returns for VAC?

FIve years rolling returns for Marriott Vacations Worldwide.

Annualized Returns

Which funds bought or sold VAC recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-1.63	1,938,470	24,347,500	0.03%
2023-03-06	NORTH STAR ASSET MANAGEMENT INC	added	9.88	54,480	308,480	0.02%
2023-03-06	Rockefeller Capital Management L.P.	added	56.92	12,000	27,000	-%
2023-02-28	Voya Investment Management LLC	reduced	-2.17	346,451	4,646,450	0.01%
2023-02-27	ST GERMAIN D J CO INC	new	-	1,346	1,346	-%
2023-02-23	Portman Square Capital LLP	new	-	4,903,110	4,903,110	0.36%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	unchanged	-	82,000	854,000	0.01%
2023-02-21	NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC	reduced	-37.5	-213,744	477,256	0.01%
2023-02-21	MACQUARIE GROUP LTD	reduced	-22.5	-7,959,000	46,873,000	0.06%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	reduced	-76.67	-11,231	3,769	-%

Latest Funds Activity

Are funds buying VAC calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own VAC

No. of Funds

VAC Alerts

Big jump in Earnings (Y/Y)

Marriott Vacations Worldwide News

Schedule 13G FIlings of Marriott Vacations Worldwide

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	jwm family enterprises, inc.	5.2%	2,002,797	SC 13G
Feb 14, 2023	bamco inc /ny/	6.47%	2,478,734	SC 13G/A
Feb 10, 2023	senvest management, llc	5.48%	2,101,412	SC 13G/A
Feb 09, 2023	vanguard group inc	8.97%	3,435,585	SC 13G/A
Jan 27, 2023	blackrock inc.	8.9%	3,335,932	SC 13G/A
Jan 25, 2023	blackrock inc.	8.7%	3,335,932	SC 13G/A
Jun 28, 2022	senvest management, llc	5.16%	2,138,024	SC 13G
Feb 14, 2022	bamco inc /ny/	6.41%	2,729,061	SC 13G/A
Feb 03, 2022	blackrock inc.	8.3%	3,535,693	SC 13G/A
Feb 16, 2021	marriott david s	5.0%	2,071,885	SC 13G

VAC Fair Value

Recent SEC filings of Marriott Vacations Worldwide

View All Filings

Date Filed	Form Type	Document
Mar 23, 2023	4	Insider Trading
Mar 23, 2023	4	Insider Trading
Mar 17, 2023	4	Insider Trading
Mar 17, 2023	4	Insider Trading
Mar 17, 2023	4	Insider Trading
Mar 17, 2023	4	Insider Trading
Mar 17, 2023	4	Insider Trading
Mar 17, 2023	4	Insider Trading
Mar 17, 2023	4	Insider Trading
Mar 17, 2023	4	Insider Trading

Latest Insider Trading transactions for VAC

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-21	Gellein Raymond L JR	acquired	26,306	137	191	-
2023-03-21	Tucker Jonice Gray	acquired	26,306	137	191	-
2023-03-16	SHAW WILLIAM JOSEPH	acquired	-	-	13.00	-
2023-03-16	QUAZZO STEPHEN R	acquired	-	-	14.00	-
2023-03-16	GALBREATH LIZANNE	acquired	-	-	46.00	-
2023-03-16	ANDREWS CHARLES ELLIOTT	acquired	-	-	38.00	-
2023-03-16	Morgan Dianna	acquired	-	-	13.00	-
2023-03-16	Martinez Melquiades R.	acquired	-	-	6.00	-
2023-03-16	Tucker Jonice Gray	acquired	-	-	10.00	-
2023-03-16	Gellein Raymond L JR	acquired	-	-	25.00	-

About Marriott Vacations Worldwide

Stephen P. Weisz

www.marriottvacationsworldwide.com

20300

Marriott Vacations Worldwide Corporation, a vacation company, develops, markets, sells, and manages vacation ownership and related products. It operates through two segments, Vacation Ownership and Exchange & Third-Party Management. The company manages vacation ownership and related products under the Marriott Vacation Club, Grand Residences by Marriott, Sheraton Vacation Club, Westin Vacation Club, Hyatt Residence Club, and Marriott Vacation Club Pulse brands. It also develops, markets, and sells vacation ownership and related products under The Ritz-Carlton Destination Club brand; and holds right to develop, market, and sell ownership residential products under The Ritz-Carlton Residences brand. In addition, the company offers exchange networks and membership programs, as well as provision of management services to other resorts and lodging properties through various brands, including Interval International, Trading Places International, Vacation Resorts International, and Aqua-Aston. As of December 31, 2021, the company operated approximately 120 properties in the United States and thirteen other countries and territories. The company sells its upscale tier vacation ownership products primarily through a network of resort-based sales centers and off-site sales locations. Marriott Vacations Worldwide Corporation was founded in 1984 and is headquartered in Orlando, Florida.

VAC Income Statement

2022-12-31

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUES
Revenue from contracts with customers	$ 4,363	$ 3,622	$ 2,619
Financing	293	268	267
TOTAL REVENUES	4,656	3,890	2,886
EXPENSES
Marketing and sales	807	617	386
Financing	75	88	107
General and administrative	249	227	154
Depreciation and amortization	132	146	123
Litigation charges	11	10	6
Restructuring	0	0	25
Royalty fee	114	106	95
Impairment	2	3	100
Cost reimbursements	1,367	1,128	1,042
TOTAL EXPENSES	3,872	3,440	2,984
Gains (losses) and other income (expense), net	40	(51)	(26)
Interest expense	(118)	(164)	(150)
Transaction and integration costs	(125)	(110)	(66)
Other	1	2	0
INCOME (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS	582	127	(340)
(Provision for) benefit from income taxes	(191)	(74)	84
NET INCOME (LOSS)	391	53	(256)
Net income attributable to noncontrolling interests	0	(4)	(19)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 391	$ 49	$ (275)
EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic (in usd per share)	$ 9.69	$ 1.15	$ (6.65)
Diluted (in usd per share)	8.77	1.13	(6.65)
CASH DIVIDENDS DECLARED PER SHARE (in usd per share)	$ 2.58	$ 1.08	$ 0.54
Sale of vacation ownership products
REVENUES
Revenue from contracts with customers	$ 1,618	$ 1,153	$ 546
EXPENSES
Expenses	289	250	150
Management and exchange
REVENUES
Revenue from contracts with customers	827	855	755
EXPENSES
Expenses	444	521	475
Rental
REVENUES
Revenue from contracts with customers	551	486	276
EXPENSES
Expenses	382	344	321
Cost Reimbursement
REVENUES
Revenue from contracts with customers	$ 1,367	$ 1,128	$ 1,042

VAC Balance Sheet

2022-12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 524	$ 342
Restricted cash (including $85 and $139 from VIEs, respectively)	330	461
Accounts and contracts receivable, net (including $13 and $12 from VIEs, respectively)	292	279
Vacation ownership notes receivable, net (including $1,792 and $1,662 from VIEs, respectively)	2,198	2,045
Inventory	660	719
Property and equipment, net	1,139	1,136
Goodwill	3,117	3,150
Intangibles, net	911	993
Other (including $76 and $76 from VIEs, respectively)	468	488
TOTAL ASSETS	9,639	9,613
LIABILITIES AND EQUITY
Accounts payable	356	265
Advance deposits	158	160
Accrued liabilities (including $5 and $2 from VIEs, respectively)	369	345
Deferred revenue	344	453
Payroll and benefits liability	251	201
Deferred compensation liability	139	142
Securitized debt, net (including $1,982 and $1,877 from VIEs, respectively)	1,938	1,856
Debt, net	3,088	2,631
Other	167	224
Deferred taxes	331	350
TOTAL LIABILITIES	7,141	6,627
Contingencies and Commitments (Note 13)
Preferred stock — $0.01 par value; 2,000,000 shares authorized; none issued or outstanding	0	0
Common stock — $0.01 par value; 100,000,000 shares authorized; 75,744,524 and 75,519,049 shares issued, respectively	1	1
Treasury stock — at cost; 38,263,442 and 33,235,671 shares, respectively	(2,054)	(1,356)
Additional paid-in capital	3,941	4,072
Accumulated other comprehensive income (loss)	15	(16)
Retained earnings	593	275
TOTAL MVW SHAREHOLDERS' EQUITY	2,496	2,976
Noncontrolling interests	2	10
TOTAL EQUITY	2,498	2,986
TOTAL LIABILITIES AND EQUITY	$ 9,639	$ 9,613